Thai economy to grow 3.0-3.5% this year, recovery intact: Finance Ministry

THAILAND’S economy is expected to grow by 3.0 per cent to 3.5 per cent this year, helped by public investments and a pick-up in the vital tourism sector, the finance minister said on Monday.

South-east Asia’s second-largest economy will continue its post-pandemic recovery as state investment projects are accelerated, Arkhom Termpittayapaisith told a state agency forum.

“The economy will remain in a steady, albeit slow, recovery, and we have to ensure the recovery remains intact,” he said.

Public investments are currently worth about 1 trillion baht (S$38.8 billion) a year, he added. “I believe this year we will grow 3 per cent to 3.5 per cent, a satisfactory trend,” Arkhom said.

With pandemic curbs lifted, the tourism sector, a key driver of Thai growth, is expected to see 8 million to 10 million foreign tourist arrivals this year, he said.

The figures are a surge from about 428,000 foreign tourists in 2021, when the economy expanded 1.5 per cent, among the slowest in the region.

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There were nearly 40 million foreign visitors in 2019, before the pandemic. REUTERS